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SCOTGEMS PLC ("ScotGems" and the "Company")
22 June 2017
RESULT OF INITIAL PLACING AND OFFER FOR SUBSCRIPTION (INCLUDING INTERMEDIARIES OFFER)
The Board of ScotGems is pleased to announce that it has raised over £50 million under the Company's initial placing and offer.
ScotGems is a new investment trust, managed by Stewart Investors, investing in small cap companies globally. The investment objective is to provide long-term capital growth to its investors. ScotGems will seek to achieve its objective by investing in a diversified portfolio of small cap companies listed on global stock markets across a range of sectors. Stewart Investors envisage that the investment portfolio will be tilted, at least initially, towards smaller companies in the Asia Pacific and Global Emerging Market universes. The Company’s portfolio is expected to be concentrated and the number of investments will typically range between 20 and 30 holdings.
The principle of stewardship is central to the investment philosophy. Stewart Investors are long-term and low turnover investors buying shares, on behalf of clients, in real businesses. The investment style is inherently conservative focussing on the potential downside as well as on the upside of any investment. Capital preservation is deemed as important as capital growth.
The Company received applications for 50,321,020 ordinary shares and all applications have been satisfied in full.
The Chairman, William Salomon commented:
“I’m absolutely delighted that ScotGems has raised enough money to be a viable and interesting investment trust. I anticipate that the journey over the next few years of investing in a group of very high quality businesses all over the world will be exciting and hopefully rewarding. I would like to thank the team at Stewart Investors for their enormous effort. Investors will be interested to know that approximately £10 million has been invested by the management team, the Directors and their connected persons, which shows the level of confidence in this venture.”
The Directors are authorised to issue up to a further approximately 50 million shares pursuant to the placing program outlined in the prospectus. The placing program has been implemented to enable the Company to raise additional capital in the period to 4 June 2018 when it is deemed to be in the Company's best interests. More detail of this program can be found in the prospectus at www.scotgems.com.
Application has been made to the UK Listing Authority for admission of 50,321,020 ordinary shares to the premium segment of the Official List and for such shares to be admitted to trading on the London Stock Exchange's main market for listed securities. The share issue is conditional upon the admission of the Ordinary Shares to trading on the main market of the London Stock Exchange and to the Official List of the UK Listing Authority ("Admission"). It is expected that Admission will become effective and dealings in the Ordinary Shares will commence on the London Stock Exchange at 8.00 a.m. on 26 June 2017.
The total number of shares with voting rights in the Company immediately following Admission will be 50,321,020 ordinary shares.
The ordinary shares will trade under the ticker SGEM.
Harry Gladstone Tel: 0131 473 2210
Koumu Smith Tel: 0131 473 2926
Dickson Minto W.S.
Douglas Armstrong Tel: 0207 628 4455
Steven Davidson Tel: 0131 538 6605